Intel’s Net Profits Crash and Burn

IDG:

Intel’s fourth-quarter profit plunged 90 percent from a year earlier, as the chip maker battled a worsening economy and recorded a steep loss from investments.

The company recorded net profit of $234 million for the quarter ended Dec. 27, compared to $2.27 billion in last year’s fourth quarter. The net profit also fell short of the $257.22 million consensus expectation from analysts polled by Thomson Reuters.

The results included a loss of $1.1 billion from equity investments and interest, primarily due to a billion-dollar reduction in the value of Intel’s investments in Clearwire, the company said.

Ouch.